1.1.3 - market positioning Flashcards
1
Q
market mapping
A
plotting position of a business based on factors such as price or quality
2
Q
use of market mapping
A
identify competitors
identify gaps in the market
3
Q
gaps in the market
A
a gap doesnt mean consumers want/need the product
3
Q
porters theory of competitive advantage
A
- low-cost producers
- mid-market
-high differentiation
3
Q
eg high-cost supermarket
A
Waitrose and m&s
4
Q
low-cost producer
A
low costs = low prices
4
Q
high diffrentiation
A
the high price due to usp or quality
5
Q
mid market
A
average quality and average price
5
Q
eg mid-market supermarket
A
Tesco and sainsbury
6
Q
eg low-cost supermarket
A
aldi + lidl
7
Q
competitve aavantage
A
unique selling point of a brand
7
Q
eg unique selling point
A
brand or quality
7
Q
added value
A
the extra value gained from product
7
Q
eg added value
A
nike logo
meal deals
